Cards fraud is a commonly known issue and has been on the rise in recent years. The industry recently reported a number of cards and PIN numbers being compromised in the United Arab Emirates ("UAE") resulting in unauthorised cash withdrawals on customers' debit and credit cards.
Fraudsters are able to acquire PIN numbers and electronic data from the black strip of the bank card, possibly during cash withdrawals at ATMs. Thereafter, they fashion counterfeit cards that are used to withdraw money from the customers' accounts.
To safeguard yourself against cards fraud, it is advisable that you refrain from performing any cash withdrawals in the UAE in the near term where possible.
If you have recently returned from the UAE and have performed cash transactions in the UAE, you should immediately change your PIN number if you have not been contacted by HSBC to replace your card.